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Rio Tinto confirms earlier recommendation of Yancoal offer for coal group


Reuters

SYDNEY, June 20  (Reuters) - Rio Tinto <RIO.L><RIO.AX> on
Tuesday reconfirmed its earlier recommendation of Yancoal
Australia <YAL.AX> as the preferred buyer of its Coal & Allied
division.
    "The Rio Tinto board has reconfirmed its recommendation that
shareholders vote in favour of the sale of its wholly-owned
subsidiary Coal & Allied Industries Ltd to Yancoal Australia
Ltd," Rio Tinto said.
    The recommendation follows consideration by the board of a
counter proposal from commodities group Glencore <GLEN.L> and a
proposal from Yancoal comprising improved terms to its
previously announced transaction, according to Rio Tinto.

 (Reporting by James Regan; Editing by Christian Schmollinger)
 ((jim.regan@thomsonreuters.com; +612 9373-1814; Reuters
Messaging: jim.regan.reuters.com@reuters.net))

Keywords: RIO TINTO DIVESTITURE/GLENCORE (URGENT)



This article appears in: World Markets , Stocks , Economy , US Markets , Oil , Commodities


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